A thousand people from all parts of the Anglimp South Waghi electorate in the new Jiwaka Province, were empowered to start their own little businesses last Friday, when they received seed capital from their local MP, Joe Koim.
A total of one million kina was disbursed to these people after they successfully underwent a two-week financial literacy training program.
The National Development Bank will manage this money and help these first 1000 people start their little projects to earn some form of income.
The Anglimp South Waghi Microfinance Scheme is an initiative by the local member to put money into little people’s pockets.
Ten people each were identified from 100 associations across the electorate who received K1000 loans each from the National Development Bank, through an arrangement with the member who deposited K1 million as start-up capital for these people.
Member Koim told his people to manage what little they have received through the scheme, and not to expect free handouts from him as their member.
He told them of how he has started as a small businessman years ago, buying scrap metal and now owns a reputable company specialised in crushing stones.
Mt Hagen BSP Branch Manager, Mary Kundi, shared similar views and stressed the importance of repaying this money on time in order to gain the trust of the banks.
These loans of K1000 will be repaid over a 6-month period in order to be qualified to obtain the next loan, which will be K2000.
The monies deposited in NDB by the member as seed capital will be a revolving fund that will see the first batch of 1000 people borrowing a thousand kina each, repay it within 6 months, and qualify for the next level, which is K2000, while the 2nd batch will move in to borrow K1000 each and the same process continues.
The MP’s aim is to get everyone in his electorate be involved in some form of business-related activities, believing this will reduce social problems and enable people to have money every day.
Only those people who went through the financial literacy training will qualify to participate in this scheme.
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